GLOB U S S P IRI T S L IMI T E D

Q3 & 9M FY17
Investor Presentation
2 F e b r u a r y 2 017
SAFE HARBOR
This presentation contains statements that contain forward looking statements including, but without
limitation, statements relating to the implementation of strategic initiatives, and other statements relating to
Globus Spirits future business developments and economic performance.
While these forward looking statements indicate our assessment and future expectations concerning
the development of our business, a number of risks, uncertainties and other unknown factors could cause actual
developments and results to differ materially from our expectations.
These factors include, but are not limited to, general market, macro-economic, governmental and regulatory
trends, movements in currency exchange and interest rates, competitive pressures, technological
developments, changes in the financial conditions of third parties dealing with us, legislative developments,
and other key factors that could affect our business and financial performance.
Globus Spirits Limited undertakes no obligation to publicly revise any forward looking statements to reflect
future / likely events or circumstances.

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COMPANY HIGHLIGHTS

360 ALCOBEV PLAYER Present across Distillery, IMIL, IMFL and Franchise Bottling

LARGEST GRAIN BASED DISTILLERS IN INDIA with capacity of ~150 million bulk liters

MANUFACTURING EXCELLENCE State of the art manufacturing facilities with zero

discharge and integrated evaporation

ESTABLISHED CONSUMER BUSINESS IN NORTH INDIA - 44% contribution from

consumer-facing IMIL
#1 private IMIL company in Rajasthan with market share of 30%
2nd largest IMIL company in Haryana with 16% market share

HEALTHY BALANCE SHEET Debt-to-Equity Ratio of 0.63x in FY16

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AGENDA

Q3 & 9M FY17 Performance

Key Developments 5
Performance Highlights 6
Financials 7
Financial Performance 10

Annexure

Company Overview 17
Shareholding Pattern 23

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Q3 FY17 KEY DEVELOPMENTS

Greenfield distillery in West Bengal commenced commercial production in January, 2017

one of the largest distilleries in the state with a capacity of ~33 million BL
Received license for manufacturing and marketing IMIL products in West Bengal huge opportunity for GSL to
launch and market branded IMIL products going forward
Expected to launch IMIL brands in the state by FY18
West Bengal continues to be an alcohol deficit state with demand surpassing overall supplies expect to quickly
ramp-up sales volume

Successfully extended bottling relationships with USL in West Bengal, which has positively contributed to the
overall performance; anticipate off take to further improve in the coming quarters

Commenced commercial production at the Greenfield distillery in Bihar to have

capacity of ~26 million BL
Exploring further course of action as Govt. of Bihar, vide their notification has informed that the existing licenses
of production of ENA from Grain Based Distilleries, IMFL manufacturing or Bottling Plants shall not be renewed by
the Bihar State Government from the Financial Year 2017-18

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Q3 FY17 PERFORMANCE HIGHLIGHTS

Healthy Y-o-Y performance in Q3 FY17 led by increase in Franchise IMFL revenues.

Commencement of bottling operations in West Bengal during the quarter assisted
performance; Bulk alcohol as well as IMIL segment supported overall growth
Revenue from operations stood at Rs. 2,203.2 mn in Q3 FY17, higher by 12.0% Y-o-Y
EBITDA came in at Rs. 164.8 mn in Q3 FY17, while EBITDA margin stood at 7.5%
PBT came in at Rs. 50.0 mn in Q3 FY17 against Rs. 44.2 mn in Q3 FY16, representing a growth of 13.2%
Net Profit stood at Rs. 20.8 mn in Q3 FY17

Turnaround in Q3 FY17 performance as compared to Q2 FY17 on the back of lower raw

material prices; raw material prices cooled off notably which led to 45% EBITDA growth;
Revenues also demonstrated a sharp turnaround
Raw material prices are stabilising to help reduce price volatility

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 Q3 FY17: PROFIT & LOSS STATEMENT
Standalone
Particulars (In Rs MN) Q3 FY17 Q3 FY16 YoY (%) Q2 FY17 QoQ (%) 9M FY17 9M FY16 YoY (%)
Gross Sales 3,225.92 2,668.13 21% 2,344.37 38% 8,391.37 7,167.00 17%
Less- Excise duty & Discounts 1,025.82 713.87 44% 726.99 41% 2,614.48 2,023.94 29%
Net Sales 2,200.09 1,954.26 13% 1,617.38 36% 5,776.89 5,143.06 12%
Other Operating Income 3.12 12.34 -75% 1.25 149% 7.62 19.32 -61%
Revenue from Operations 2,203.21 1,966.60 12% 1,618.63 36% 5,784.50 5,162.38 12%
Total Expenditure 2,038.45 1,779.31 15% 1,505.34 35% 5,313.60 4,683.46 13%
Consumption of Raw Material 1,308.33 1,141.52 15% 969.51 35% 3,429.70 2,996.08 14%
Employee Cost 41.24 38.84 6% 34.99 18% 113.92 119.00 -4%
Other Expenditure 688.89 598.95 15% 500.84 38% 1,769.98 1,568.38 13%
EBITDA 164.76 187.29 -12% 113.29 45% 470.90 478.92 -2%
Depreciation & Amortisation 94.08 100.91 -7% 87.36 8% 269.29 270.84 -1%
EBIT 70.68 86.38 -18% 25.93 173% 201.61 208.08 -3%
Finance Charges 33.55 46.29 -28% 32.05 5% 100.67 127.97 -21%
Other Income 12.91 4.11 214% 7.42 74% 29.86 23.69 26%
PBT before exceptional items 50.04 44.20 13% 1.31 3723% 130.81 103.80 26%
Exceptional items* - - - - -
PBT 50.04 44.20 13% 1.31 3723% 130.81 103.80 26%
Tax Expense (Current, Deferred Tax) 29.21 9.30 214% 1.05 2681% 46.44 21.64 115%
MAT Credit -
PAT (From ordinary activities) 20.83 34.90 -40% 0.26 7944% 84.37 82.16 3%

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Q3 FY17: KEY RATIOS
Standalone

Key Ratios as a % of Total Revenue Q3 FY17 Q3 FY16 Q2 FY17 9M FY17 9M FY16

EBITDA 7% 10% 7% 8% 9%

PAT 1% 2% 0% 1% 2%

Total Expenditure 93% 91% 93% 92% 91%

Raw material 59% 58% 60% 59% 58%

Employee Cost 2% 2% 2% 2% 2%

Other Expenditure 31% 31% 31% 31% 30%

Intt 2% 2% 2% 2% 2%

Depn 4% 5% 5% 5% 5%

Other Income 1% 0% 0% 1% 0%

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Q3 FY17: BALANCE SHEET
Particulars (In Rs MN) 31st Dec 2016 31st Mar 2016
Liabilities
Shareholders Fund 3,719.8 3,635.4
Non-Current Liabilities 2,264.8 2,073.7
Long term borrowings 1,764.0 1,592.5
Deferred tax liabilites (Net) 487.8 470.3
Long-term provisions 13.0 11.0
Current Liabilities 2,198.2 1,783.8
Short Term borrowings 673.3 704.6
Trade payables 1,030.9 723.5
Other current liabilities 464.3 331.1
Short-term provisions 29.7 24.6
Total Liabilities 8,182.8 7,492.9
Assets
Net fixed assets 6,360.4 5,655.8
Non-current investment 30.5 0.7
Other non-current assets - 1.9
Long-term loans and advances 333.8 670.3
Current Assets 1,458.1 1164.2
Current Investments - 0.8
Inventories 623.6 414.1
Trade Receivables 446.8 374.8
Cash and Equivalents 249.8 270.0
Short-terms loans and advance/other current assets 122.3 91.3
Other Current Assets 15.7 13.2
Total Assets 8,182.8 7,492.9
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 Q3 FY17 YoY PERFORMANCE OVERVIEW

Revenue from operations (Net) stood at Q3 FY17 Q3 FY16

Rs. 2,203 mn in Q3 FY17, higher by 12% owing to healthy
contribution from Franchise IMFL
Franchise IMFL volumes improved to 11.0 mn cases in
Q3 FY17, from 10.1 mn cases in the corresponding Rs. 2,203 mn 12% Rs. 1,967 mn
quarter last year
Bulk Alcohol as well as IMIL supported the overall growth Revenue
led by higher volumes and realisations

EBITDA for the quarter stood at Rs. 165 mn, down by 12% as
compared to Rs. 187 mn 12%
Rs. 165 mn Rs. 187 mn
EBITDA margin stood at 7.5%
EBITDA
EBITDA margin was affected due to high raw material
prices. Raw material prices were expected to decline
during the quarter however owing to the cash crunch
mills were not operating thereby impacting the 40%
Rs. 21 mn Rs. 35 mn
availability
PAT
PAT came in at Rs. 21 mn compared to Rs. 35 mn in Q3 FY16
 9M FY17 YoY PERFORMANCE OVERVIEW

Revenue from operations (Net) grew by 12% to Rs. 5,785 mn 9M FY17 9M FY16
in 9M FY17 on account of strong growth in Franchise IMFL;
bulk alcohol as well as IMIL business reported steady
growth
Franchise IMFL volumes improved to 11.0 mn cases in Rs. 5,785mn 12% Rs. 5,162mn
Q3 FY17, from 10.1 mn cases in the corresponding
quarter last year Revenue
Others segment led by value added product DDGS
reported 12% value growth

EBITDA for the quarter stood at Rs. 471 mn, down by 2% as 2%

Rs. 471mn Rs. 479 mn
compared to Rs. 479 mn
EBITDA margin stood at 8.1% EBITDA

PAT came in at Rs. 84 mn, higher by 3% compared to Rs. 82

mn in 9M FY16
Rs. 84 mn 3% Rs. 82 mn
PAT
Q3 & 9M FY17 YoY ADJUSTED FINANCIALS

Particulars Q3 FY17 Q3 FY16 Growth (%) 9M FY17 9M FY16 Growth (%)

Net Revenue 2,203 1,967 12.0% 5,785 5,162 12.1%
Revenue of bottling customers in Rajasthan
308 148 108.1% 586 396 48.0%
& West Bengal
Adjusted Revenue 1,895 1,819 4.2% 5,199 4,766 9.1%

EBITDA 164.8 187.3 -12.0% 470.9 478.9 -1.7%

EBITDA Margin 7.48% 9.52% (204 bps) 8.14% 9.28% (114 bps)

Adjusted EBITDA 164.8 187.3 -12.0% 470.9 478.9 -1.7%

Adjusted EBITDA Margin 8.69% 10.30% (161 bps) 9.06% 10.05% (99 bps)

Note:
Excise laws in certain states mandate that a brand must be sold directly by the bottler, so the entire billing
in such cases is done by GSL however the funding is essentially incurred by the brand owner (s).
To provide better clarity on performance, the above figures are adjusted for contribution from Franchisee
Bottling segment.
FRANCHISE IMFL SUPPORTED OVERALL PERFORMANCE
Breakup of Revenue from Operations
Revenues from manufacturing business stood at Rs. Bulk
1,237 mn in Q3 FY17, higher by 19% YoY IMFL, 0% Alcohol, 27%

Apart from volume growth in Franchise IMFL

business, the performance was supported by
steady gains in bulk alcohol as well as IMIL Q3 Franchisee
segments IMFL
FY17 21%
IMIL, 44%
Share of consumer business stood at 44% in Q3 FY17
against 47% in the same period last year
Growth in Consumer Business came in at 4% YoY Others, 9%

IMIL revenues grew by 5% YoY to Rs. 966 mn IMFL, 0%

Rajasthan registered sharp volume growth of 18%,
while the volume growth in Haryana stood at 17%
Higher realisations also supported the overall Bulk
growth Alcohol, 28%
Q3
IMIL, 47% FY16

Franchisee
Consumer IMFL
Others, 14% 12%
Manufacturing
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 IMIL DRIVEN BY ROBUST VOLUMES IN RAJASTHAN
Aggregate IMIL revenues up 5% YoY Rajasthan IMIL
This was achieved despite zero revenues from Bihar in Q3 FY17 800 2.09 2.50
1.77
as compared to Rs. 102 crore in the same period last year 600 2.00
1.50
Both Rajasthan and Haryana witnessed strong growth of 19% and 20% 400
1.00
respectively in Q3 FY17 200 580 690 0.50
0 0.00
Rajasthan reported robust volume growth of 18%, while volume
Q3 FY16 Q3 FY17
growth in Haryana stood at 17%
Market share of Rajasthan improved to 30% in Q3 FY17 vis--vis
28% in Q1 FY17, despite demonitisation announcement in Q3
Haryana IMIL
300 1.20
0.69 0.80 1.00
Q3 FY17 IMIL Split by Volume 200 0.80
0.60
(Total 3.05 mn cases) 100
192 230
0.40
0.20
Delhi, 5%
0 0.00
Q3 FY16 Q3 FY17

Haryana, 24%
Q3 Delhi IMIL
60 0.18 0.16 0.20
FY17 40
0.16
Rajasthan, 0.12
71% 20 0.08
49 46 0.04
0 0.00
Q3 FY16 Q3 FY17
Figures in Rs Million, Standalone Financials 14
 MANUFACTURING: BACKBONE TO CONSUMER BUSINESS

Capacity utilization improved to 95% in Q3 FY17 compared to Production & Capacity Utilization
94% in the same period last year 20.0 84%
81%
10.0
21 23 78%
Bulk Alcohol revenues increased by 7% YoY 0.0 75%
Q3 FY16 Q3 FY17
Revenue growth was driven by higher realisation;
Production (Mn BL) Capacity Utilization (%)
realisation improved by 9%

Franchise Bottling volumes stood at 1.102 mn cases vs 1.011 Bulk Alcohol*

mn cases in Q3 FY16 700.0
13 13
15
525.0 10
West Bengal reported volumes of 0.252 mn cases in Q3 350.0
547
585
5
175.0
FY17 which is the first quarter of commercial 0.0 0
Q3 FY16 Q3 FY17
production
Revenue (Rs. Mn) Volumes (Mn BL)
Rajasthan witnessed 32% volume growth YoY which
was partly offset by 45% decline in Haryana
Franchise Bottling
1.2 1.011 1.102
0.252
0.8 0.38
0.50
0.4 0.63 0.35
0.0
Q3 FY16 Q3 FY17
*Excluding bulk sales to franchisee customers in Rajasthan Haryana Bottling (Mn Cases) Rajasthan Bottling (Mn Cases)
Figures in Rs Million, Standalone Financials West Bengal Bottling (Mn Cases)
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AGENDA

Q3 & 9M FY17 Performance

Key Developments 5
Performance Highlights 6
Financials 7
Financial Performance 10

Annexure

Company Overview 17
Shareholding Pattern 23

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GLOBUS 360 ALCOBEV PLAYER - FORAY INTO EAST

No. 1 private player in Rajasthan IMIL with 30% market share

2.09 mn cases in sold in Q3 FY17, up 18% YoY

No. 2 private player in Haryana with 13% market share

0.80 mn cases in sold in Q3 FY17, up 17% YoY

Commenced commercial production at both the Greenfield

Distilleries in Bihar and West Bengal
Combined capacity at West Bengal & Bihar to be
60 million BL; over 60% of existing distillery
capacity
To cater the growing need of Bulk Alcohol in West
Bengal, which is witnessing a huge deficit of ~80
million liters Own Distillery
Bulk Alcohol manufactured at the Bihar distillery
States where Globus Spirits
will be exported to other alcohol deficit states and sells IMIL:
neighboring countries Rajasthan
Haryana
Delhi
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LEVERAGING A STRONG 360 BUSINESS MODEL

Large, efficient manufacturing operations

Amongst the largest and most efficient grain-
based distillery operations in India with ~150
million bulk litres of distillery capacity
Present in DDGS a high-potential co-product
used as Animal Feed

360o Well placed to benefit from the Fuel Ethanol

blending opportunity in India
Bottling for Indias Top 3 IMFL companies

Established consumer business in North India

Pioneered IMIL branding with launch of NIMBOO
brand
Leading player in Haryana, Rajasthan and
Unique 360 model straddling across the Delhi

entire alcohol value chain

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GLOBUS PLANS

PRESENT FUTURE
Established 360 model in North Large market share in IMIL by
India (Haryana & Rajasthan) offering quality products to the
Amongst the largest grain based consumer
distilleries in India Establish sustainable premium
Strong IMIL brands that have brands in IMFL
acceptance and loyalty High capacity utilisation with focus
Bottling operations for Indias on technology and efficiency at old
largest brands of top IMFL players and new facilities
Backed by reputed investor, Portfolio of high value by- products
Templeton
NEAR TERM STRATEGY
Enter fast growing liquor market of
West Bengal with complete 360
offering
Launch premium brands of value
Focus on DDGS, a co-product in the
alcohol manufacturing process, in
the Indian market

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EXPANSION INTO EAST BIHAR & WEST BENGAL

Locational advantages like lower

raw material costs, higher
realizations and other logistical
benefits to drive overall
Existing profitability
facilities at Alcohol manufactured from Bihar
Haryana & distillery can be exported to
Rajasthan neighboring states and countries
Nepal has a demand of 18
mn ltrs
Target markets include
African countries as well

Severe Alcohol Deficit in West

Bengal (mn ltrs)
Commissioned Greenfield 98
facilities in West Bengal & 78
Bihar 20
Capacity of 60 million BL
(both states); over 60% of West Bengal
existing Distillery capacity Consumption Production Deficit
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IMIL BRANDS SHOWCASE

Nimboo Ghoomar

1st IMIL brand in India positioned Tribute to Rajasthani folk

as awesome mix of natural lemon dance ; blend popular in the
flavor with strong yet smooth harsh winter months of the
blend profile desert region

Heer Ranjha Narangi

Tribute to the most popular

Popular dark spirits brand
romantic tales of the region.
Positioned as refreshing and
Smooth blend to enjoy straight
juicy as Orange
up.

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UNIQUE COMPETITIVE STRENGTHS

360 Business Model

Efficient Operations
Only company present across full alcobev
value chain State-of-the-art plants across three locations
using latest distillation technology, zero
Helps capture IMFL growth via franchisee
discharge and highest grain- recovery in
bottling for top IMFL companies
industry
High utilization with assured captive off- take
Supplying to premium brands
De-risked growth
Leadership - mix of experience and young
High quality maintained with control on entire talent
value chain

Strong Consumer Portfolio Healthy Balance Sheet

Leadership in key states of Rajasthan, Delhi
Funding for greenfield expansion at Bihar
and Haryana
secured via equity
Achieved sterling success in IMIL branding
D/E of 0.6x
with Nimboo
Cash efficient operations
4 IMIL brands

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SHAREHOLDING PATTERN

Corporate Bodies,
Individuals &
Others
26%

Promoter Group
57%

FII
17%

As on December, 31, 2016 Outstanding shares 28.8 mn

Major Non-Promoter Shareholders % shareholding

Name % Share
Templeton Strategic Emerging Markets Fund IV, LDC 17.49%

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 ABOUT US

Established in 1992, Globus Sprits Limited (BSE code: 533104, NSE Id: GLOBUSSPR, ISIN Id:INE615I01010)
is engaged in manufacturing, marketing and sale of Indian Made Indian Liquor(IMIL), Indian Made
Foreign Liquor (IMFL), Bulk Alcohol and contract bottling for established IMFL brands. The Company has
a well established presence in the IMIL segment and set to become a Pan-India IMIL leader with launch of
distilleries in Bihar and West Bengal.
GSL currently operates three modern and fully integrated distilleries at Behror, Rajasthan and Samalkha
and Hisar, Haryana. It is one of the largest and most efficient grain based distilleries in India with
highest alcohol recovery per unit of grain.

For more information about us, please visit www.globusspirits.com or contact:

DR. BHASKAR ROY ANOOP POOJARI / NISHID SOLANKI

Globus Spirits Limited CDR India

Phone: +91 11 6642 4600 Phone: +91 22 6645 1211 / 1221

Fax: +91 11 6642 4629 Fax: +91 22 6645 1213
Email: broy@globusgroup.in Email: anoop@cdr-india.com
nishid@cdr-india.com